Adam Fadian_Joe Clinton_Lorraine Bayliss

A&O and Gedik & Eraksoy Advising on Türkiye’s Railway Financing

Allen & Overy (A&O) and Gedik & Eraksoy collaborated on the financing of a 140km high-speed, low-carbon electric railway connecting Yerköy and Kayseri in the Ankara region of the Republic of Türkiye. A&O and G&E represented MUFG Securities EMEA plc, Mitsubishi UFJ Investor Services & Banking (Luxembourg), and UK Export Finance in a hybrid €1.247 billion financing deal for the Turkish Ministry of Treasury and Finance. 

The financing package includes loans guaranteed by UK Export Finance, reinsurance cover from ECAs in Italy, Poland, and Austria (SACE, KUKE, and OeKB, respectively), and a separate commercial facility partially supported by the Islamic Corporation for the Insurance of Investment and Export Credit. The structure of the financing allows institutional investors to participate alongside commercial banks. 

Partners Adam FadianJoe Clinton and Lorraine Bayliss (all pictured left to right) led on the lending and guarantee aspects of the transaction with support from lawyers Christopher O’HaraAaron TempleSimon Brown and Vicky Chen in London. Partner Tanya O’Hagan advised on the financing from London and was supported by Eric DentonValentine NguhiJohnathan Khan and Charlotte Boyd.   

Turkish Partner Umut Gürgey led the Turkish law aspects of the transaction with support from lawyers Burak Ozsoy and Ceren Gurel (alumni). Partner Frank Mausen and Counsel Evelina Paglan advised on Luxembourg law matters. Partner Kate McInerney, assisted by Georgina Candy, provided support on insurance matters. Partner Charles Yorke, assisted by Lucinda WhiteFranz Kerger and Zofia White, provided tax advice.